Gerald Gakundi has been promoted to director, supervision of insurance at the Bermuda Monetary Authority (BMA).
Gakundi, who has more than 15 years of experience in the insurance industry, joined BMA in 2010 as assistant director, supervision of insurance, and was promoted to deputy director in 2016.
Reporting to Craig Swan, deputy CEO, Gakundi will participate as a member of the BMA’s senior leadership team, contributing to the development and implementation of the BMA’s strategies and policies, with a specific focus on leading the teams supervising all (re)insurance licensed entities.
He is an active contributor in the BMA’s international engagement, including leading dialogue with the National Association of Insurance Commissioners (NAIC) executive, European Insurance and Occupational Pensions Authority (EIOPA) and numerous other insurance regulatory authorities.
In addition, he has assisted in the development and implementation of the BMA’s long- and medium-term insurance supervision strategy and policy.
Swan said: “We are delighted to welcome Gerald Gakundi into this new role. He has built a long-lasting and impactful career at the BMA, and we know that his sharp perspective and depth of experience will continue to prove invaluable to both the credibility and evolution of insurance supervision in Bermuda.”
Commenting on his promotion, Gakundi noted: “It is an honour to be appointed head of the department that I have been a member of for the last 10 years.”
“My tenure at the BMA will be a resource for me to draw upon, and I am looking forward to working with my colleagues at the BMA as we continue to pursue our strategic and operational objectives,” he added.
In January, BMA reported it had registered 22 new captives in 2019, taking its total to 715.